You might be an expert at lighting up your clients’ lives, but as an electrician, the possibility of something going wrong as you go abut your business is always there. Whether your work leads to someone suffering an injury, having their property damaged, or your tools are stolen, there are many things that can happen to spark detrimental effects to your livelihood. Insurance is therefore an important consideration for electricians to ensure you have financial protection when you are faced with unexpected expenses in rectifying a mishap.
As an electrician, there are a few insurance policies available to you, and its important to understand what they cover in helping you decide which one to take out. Tradies Insurance (or Tradespack) combines Public & Products Liability Insurance with cover for your tools, equipment & machinery. Public Liability Insurance covers you and your business if you’re held responsible for injury to a third party during the course of your work, or if your business activities cause damage to someone’s property. If a claim of injury or property damage is brought forth against you, the impact on your finances can be very draining.
Public Liability Insurance helps by covering* the cost of legal fees you incur in defending yourself, as well as compensation you may be required to pay in these instances. Depending on the sites you work on, some clients may even require you to hold this cover before they let you start on the job.
Under Tradespack, you can also choose to take out cover for your tools, equipment and machinery. This is an optional extra, and is designed to cover tools you might use to run your business.
Other insurance policies available include Construction Legal Expenses Insurance, Office & Workshop Insurance and Worker’s Compensation.
At HIA Insurance Services, we have worked with industry experts to deliver a Tradies Insurance package that caters to the specific risks faced by Electricians in their everyday job. The Tradies Insurance we arrange includes the following cover benefits: .
Tom was an electrician in a regional town who was well known within his locality. He kept his tools on his residential property in a container. His house however was in a bushfire prone area, and during the summer, his house was damaged by a bushfire. The container with his tools were destroyed completely in the fire. Luckily, Tom held Tradies Insurance with his tools covered, and the insurance covered the cost of replacing the tools, which were worth $20,000.
*Subject to the policy terms, limits and exclusions
© 2021 HIA Insurance Services Pty Ltd (ABN 84 076 460 967) is an authorised representative (no.275925) of Aon Risk Services Australia Limited (ABN 17 000 434 720 AFSL 241141) (HIAIS).
The HIA Insurance Services Tradies Insurance (Trades Pack) policy is arranged by HIAIS under a binder agreement on behalf of the insurance issuer, QBE Insurance (Australia) Ltd, ABN 78 003 191 035, AFSL 239545. When acting under a binder we will be acting as agent of the insurer and not as your agent. Our binder arrangements with the insurer are such that we remain your agent in the handling of any claim. If you purchase this insurance through HIAIS, HIAIS will receive a commission that is a percentage of the premium. Further information can be found in HIAIS’ Financial Services Guide or provided upon request.